South Padre Island HOT Tax Ordinance

The City of South Padre Island has recently passed an Ordinance requiring all property owners who advertise their property for short term rental to register their residential rental unit(s) (house, condo, apartment or bedroom) with the City, AND to comply with all applicable laws including the collection and remittance of hotel occupancy tax. The City registration number must be posted on all advertising and a 24/7 emergency contact number within one hour’s reach of the property must be provided. In addition to the enforcement and collection of hotel occupancy tax, the ordinance is intended to bring credibility to the rental marketplace by deterring fraudulent listings, and to assist our City authorities in enforcing our quality of life ordinances: noise, disturbance and fire code occupancy. More information and registration forms are available online at . The final compliance date is July 1st 2015. For questions you may call Customer Service: (956) 761-8382 or Email: HotTax@SoPadre.com If a property owner has a Rental Property Manager on the island they should be handling the registration process for them. However, property owners should contact their rental agent to be sure.

3 factors that make your housing market healthy

Watch this short video for an economist’s perspective on why demand for homes increases. Visit texasrealestate.com/training-videos for more quick videos with practical information you’ll actually use.

Before you make a move

Buying, selling, moving ... it can all be overwhelming. When you're ready to make a move, don't trust your dreams to just anyone. Hire professionals—a Texas REALTOR® for your real estate transaction and a member of the Southwest Movers Association for your moving needs. 3 steps for a successful move Verify that a mover is licensed with the Texas Department of Motor Vehicles. Require a written estimate and sign a contract before anything is moved. Insure your valuables, and find out how much the mover's insurance will cover for lost or broken items. Where to locate a mover or Texas REALTOR® Find a Texas REALTOR® Find a reputable mover

Can Texas real estate trivia stump you?

Listen to the latest “Inside Texas Real Estate” podcast for some fun facts about the housing market in Texas, then share the link with your clients: texasrealestate.com/inside. You can also find out how Texas home sales from the first quarter of 2015 stacked up against the numbers from last year. Read the Texas Quarterly Housing Report

Can a seller refuse to let a buyer inspect?

My offer on a property listed "as is" was accepted by the seller, but he won't make the property available for inspections. I know he doesn't want to make any repairs, but can he refuse to let me inspect the house? No. If you used the Texas Real Estate Commission's One to Four Family Residential Contract, the seller cannot prevent you from having the property inspected. This form includes a paragraph that says the seller has to give the buyer or buyer's agent access to the property at reasonable times and allows you to have the property inspected. Unless that was modified in the contract, the seller could be found in default for refusing to grant you access.

Do I have to fill out a seller's disclosure on an investment property?

I'm selling a rental house in South Padre Island that I haven't seen in 10 years. My property manager takes care of it for me. Instead of filling out a seller's disclosure notice, can I provide a statement that I haven't seen the property in years and don't know its condition? No. You are required to provide a seller's disclosure notice, which discloses what you know about the property. The fact that you haven't seen the property in 10 years doesn't exempt you from this notice requirement. Knowledge about the property can come from sources other than a visual examination, such as complaints from tenants or reports from your property manager.

Planning to buy your first house this summer? Here's what you need to know

If you're thinking of buying your first home this summer, you should hire a Texas REALTOR® right away. Why? The summer selling season is going to be competitive. The latest Texas Quarterly Housing Report shows that monthly housing inventory continued to drop in the first three months of 2015, falling to a new all-time low of 3.1 months, a decrease of 8.82% from the same quarter last year. Since summer is already a popular homebuying season, and many markets in Texas will experience high demand, you need to be prepared to move quickly when you find a property you love. If you begin working with a Texas REALTOR® this spring, you'll be ready to do just that. A Texas REALTOR® can help you determine what kind of property you're looking for, how much you can afford, and other factors that will help you be ready to make quick decisions. And as a first-time homebuyer, you'll need the extra help, due in part to the current market. Jim Gaines, Ph.D., economist with the Real Estate Center at Texas A&M University, says homes are being built quickly, but many aren't in the price range for the entry-level market. "Interest rates are still low, but tight lending standards, rising home prices, and slim inventory have created a tough market for first-time homebuyers," he says.